Nebraska Statutes 44-801. Domestic associations; special and additional requirements; amendments to bylaws; approval of department required
No domestic assessment association shall begin to transact the business of insurance until (1) its bylaws, stating in detail its scheme and method of doing business, shall have been approved by the Department of Insurance; and (2) it has received one hundred or more applications for membership, and shall have received in cash the proceeds of one assessment, unless formed to insure grain elevators and contents, warehouses, coal sheds, lumber yards and flour mills, in which case there shall be not less than fifty applications for membership.
Terms Used In Nebraska Statutes 44-801
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assessment association: shall mean a company that meets its losses and expenses from assessment levied upon its members. See Nebraska Statutes 44-103
- Department: shall mean the Department of Insurance. See Nebraska Statutes 44-103
- Domestic: when applied to corporations shall mean all those created by authority of this state. See Nebraska Statutes 49-801
Every amendment to a bylaw, which in any manner changes the scheme or method of doing business, must be approved by the Department of Insurance before it shall take effect.
Source
- Laws 1913, c. 154, § 124, p. 463;
- R.S.1913, § 3261;
- Laws 1919, c. 190, tit. V, art. X, § 1, p. 644;
- C.S.1922, § 7860;
- C.S.1929, § 44-901;
- R.S.1943, § 44-801;
- Laws 1957, c. 178, § 13, p. 617.